Full text of U.S. Financial Data : August 21, 1997

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*

i-ItJMA
FEDERAL

j RAN
reserve
X
K of
Ar s i. MH IS

MK 2ft W
THE WEEK'S HIGHLIGHTS:
■

The U.S. goods and services trade deficit narrowed from $9.5 billion
in May to $8.2 billion in June. U.S. exports, after falling a combined
0.6 percent in April and May, rose 0.9percent in June, while imports
declined 0.7 percent—the first drop in eight months. Over the first
half of 1997, the trade deficit totaled $55.6 billion, modestly more
than the $52.3 billion deficit posted over the first half of1996.

■

Housing starts totaled 1,447,000 units (annualized) in July,
unchanged from May, which was revised down from 1,452,000
units. Building permits, on the other hand, rose 1.4 percent in
July, the first rise in four months. Compared with July 1996, total
starts have fallen 3 percent, while permits are down 2.2 percent.

■

The index of U.S. import prices fell 0.2 percent in July, the fifth
decline this year. Import prices have dropped 3.7 percent on a
year-to-date basis, paced by a 22.9 percent fall in petroleum
prices; nonpetroleum prices, likewise, have fallen 1.5 percent.
Import prices are not seasonally adjusted.

■

Initial weekly claims for state unemployment insurance benefits
totaled 337,000 for the week ending Aug. 16. Over the most
recent four weeks, initial claims averaged 308,000, a 2.4 percent
decline from the same four-week period average in 1996.

■

Bank credit was up 1.4 percent over the most recent four-week period,
bringing the year-to-date increase to 5.7 percent. For the 12 months
ending in December 1996, bank credit rose 4.2 percent (see page 10).

All data are seasonally adjusted unless otherwise indicated.
U.S. Financial Data is published weekly by the Research Division of the Federal Reserve Bank of
St. Louis. For more information on data, please call (314) 444-8590. To be added to the mailing
list, please call (314) 444-8808 or (314) 444-8809.

Information in this publication is also included in the Federal Reserve Economic Data (FRED) electronic

bulletin
board at (314) 621-1824 or internet World Wide Web server at www.stls.frb.org/fred.

http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

2
Adjusted Monetary Base
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Billions

478.007
473.903
477.738
478.269
478.808
480.092

5

19 3 17 31 14 28 11 25 9 23
Jul

Aug

Sep

20 4

18

1

15 29 12 26 12 26 9 23 7 21

Oct

Feb

Mor

Apr

May

4

18 2

16 30 13 27

Jun

The odjusted monetary base is the sum of Federol Reserve deposits and vault cash held by domestic depository
institutions, currency held by the public, and on adjustment lor the effect of changes in reserve requirement
ratios. The monetary base series was recently revised to include Federal Reserve deposits used to sotisfy
clearing bolonce contracts. Data are computed by this bonk. A detailed description of the adjusted monetary
base is available from this bonk. Recent data are preliminary.

Adjusted Monetary Base
To the overoge of
two maintenance
periods ending:
1/15/97

Compounded onnuol rotes of change, average of two maintenance periods ending:
8/14/96

11/6/!

1/15/97

2/12/97

3/12/97

4/9/97

5/7/97

2/12/97

4.8
6.1

7.6

3/12/97

5.5

6.2

7.4

4/9/97

4.9

5.1

4.9

0.9

5/7/97
6/18/97

4.2

4.1
5.1

3.4

0.2

-0.5

5.0
5.1

3.2

3.7

5.1

3.7
3.7

4.2

5.3

8.0

4.1

5.0

6.9

7/16/97
8/13/97

4.9
5.0
4.9


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

5.2
5.1

5.0

6/18/97

4.9

Prepored by Federal Reserve Bank of St. Louis

Money Stock(M1) and Total Checkable Deposits
Averoges of Doily Figures
Seosonally Adjusted

Billions of Dollors

Jul

7

Billions of Dollars
Billions

Billions
1066.6

1058.3
Aug

4

1059.1
1061.9
1071.0
1061.9

Aug

4

648.8
640.2
640.4
642.7
651.5
642.5

M1 (left

TCD (right scale)

3

17

I

15 29 12 26 9

Aug

23

Sep

7 21

4

Oct

18

Nov

16 30 13 27 10 24 10 24 7 21 5

Dec

Feb

Mar

Apr

19 2

May

16 30 14 28 11 25

Jun

Ml is the sum of currency held by the nonbonk public, demand deposits, other checkable deposits ond travelers
checks. Total checkable deposits is the sum of demand deposits ond other checkable deposits at depository
institutions. Current doto oppeor in the Federol Reserve Boord’s H.6 release.

Money Stock (M1)
To the averoae
of four weeks
ending:

Compounded onnuol rotes of change, overoge of four weeks ending:
8/12/96 11/11/96

1/13/97

2/10/97

-8.7

3/10/97

4/14/97

1/13/97

-5.5

2/10/97

-4.1

1.2

3/10/97

-0.6

4/14/97

-4.4
-5.3

-3.0

-1.0
-4.9

5/12/97

-5.0

-2.9

-4.3

6/9/97

-4.6

-2.6

-3.7

-6.7
-5.5

-7.1
-5.3

-1.7

7/14/97

-4.3

-2.5

-3.3

-4.6

-4.3

-1.6

8/11/97

-3.9

-2.1

-2.7

-3.7

-3.3

-1.0


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

5/12/97

6/9/97

Prepared by Federal Reserve Bank of St. Louis

3

4
Adjusted Reserves
Seasonally Adjusted
Billions of Dollars
Jun

4

Billions
70.723

Jul

2

69.023

Aug 13

67.470
67.687

19 3

Billions of Dollars

17 31 14 28 11 25 9 23 6 20 4
Aug

Sep

18

1

15 29 12 26 12 26 9 23 7 21

Oct

Feb

Mar

Apr

1996

May

4

18 2

16 30 13 27

Jun

1997

Adjusted reserves is the difference between the odjusted monetory base ond the currency component of Ml.
The adjusted monetory base series was recently revised: See the footnote to the monetary bose chart for o
description of the chonge.

Adjusted Reserves
Compounded annual rates of change, average of two maintenance periods ending:
To the overoge of
two maintenance
periods ending:

8/14/96

11/6/96

1/15/97

2/12/97

3/12/97

4/9/97

5/7/97

1/15/97

-5.4

2/12/97

-2.7

4.5

3/12/97

-6.1

-3.2

-8.0

4/9/97

-7.7

-6.2

-11.7

-22.3

5/7/97

-9.6

-9.3

-15.1

-23.1

6/18/97

-6.6

-5.2

-7.8

-12.1

-7.7

7/16/97

-5.4

-3.7

-5.4

-8.5

-4.2

0.5

12.7

8/13/97

-6.8

-5.7

-7.8

-10.7

-7.7

-5.1

1.4


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

6/18/97

-21.7
-2.9

-7.6

Prepored by Federol Reserve Bank of St. Louis

Money Multiplier
Averages of Daily Figures
Seasonally Adjusted

Rotio

Rotio

Compounded annuol rotes
of change, average of
the four weeks ending
August 11, 1997, from
the four weeks ending:

Aug
Nov
Feb
Mar
Apr
May
Jun

12.
4.
10.
10,
7.
5.
1 6.

1996
1996
1997
1997
1997
1997
1 997

Jun

2.225
Jul 14

-8.5
-6.8
-7.2
-7.2
-6.7
-6.7
-5 . 1

Aug

Sep

2

Aug 11

Feb

Oct

Mar

1996

Apr

May

Jul

Jun

Aug

1997

Ratio of Ml to the adjusted monetary base.

Currency Component of M1
Averages of Daily Figures
Seasonally Aajustea

Billions of Dollars
4 15 “I---------1---------- r--------- »--------- r-

Billions of Dollars

Compounded annual rates
of change, overage of
the four weeks ending
August 11, 1997, from
the four weeks ending:

405" ~ Aug
Nov
Feb

12,
11.
10.

Apr
1 ..

14.
i n

Mar

10.

1 996
1nftC

6 .
c

1997
1997
i ft n i
1997
1 99 7

409.8

Aug

Sep

410.9

Oct

1996
Current data appear in the Federal Reserve Boord's H.6 releose.


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

4

1997
Prepared by Federal Reserve Bank of St. Louis

5

6
Yields on Selected Securities
Averages of Daily Figures
Percent

Percent

Prime Rate

Corporate
Aaa Bonds

Municipol Bonds

Commercial Paper

3
Aug

1997
May 30
Jun
6
13
20
27
Jul
4
11
18
25
Aug
1
8
15
22

Sep

17 31 14 28 14 28 11 25 9

Oct

Feb

30-Day
Commercial
Paper

90-Day
CDs 7

5.60
5.61
5.59
5.60
5.61
5.62
5.56
5.55
5.54
5.57
5.55
5.57
5.53

5.69
5.68
5.68
5.65
5.66
5.66
5.61
5.59
5.59
5.58
5.60
5.61
5.58

90-Doy
Bankers'
Acceptances
5.59
5.61
5.60
5.58
5.58
5.58
5.54
5.53
5.51
5.51
5.53
5.53
5.54

Mar

Apr

23

6

20

4

18

1

15 29

Moy

Corporate
Aaa Bonds

Corporate
Boo Bonds

7.64
7.51
7.44
7.33
7.36
7.36
7.19
7.15
7.09
7.01
7.15
7.26
7.17

8.25
8.13
8.06
7.94
7.96
7.94
7.79
7.76
7.70
7.62
7.76
7.86
7.84

Municipal
5.67
5.60
5.52
5.48
5.53
5.53
5.38
5.32
5.28
5.23
5.33
5.42
NA

Current data ore from the Federol Reserve Board's H.15 release, ond ore overoges of rotes ovoiloble for the
week ending on August 22, 1997
•• Bond Buyer's Average Index of 20 municipal bonds, Thursday dolo
NA - Not Available


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bonk of St. Louis

Selected Interest Rates
Averages of Daily Figures
Percent

Percent

30-Year
Treasury Securities

Federal
Funds Rate

Discount Rote
3-Month
Treasury Bill

7

21

5

19

1997
May 30
Jun
6
13
20
27
Jul
4
11
18
25
Aug
1
8
15
22 ♦

2

16 JO 13 27 11 25

Federol
Funds ••
5.43
5.54
5.48
5.62
5.42
5.82
5.48
5.44
5.43
5.57
5.62
5.45
5.59

6

20

3

17 31 14 28 14 28 11 25 9

23

6

20

4

18

1

15 29

3-Month
Treasury
Bill

1 -Year
Treasury
Bill

5-Yeor
Treasury
Securities

10-Year
Treasury
Securities

30-Year
Treasury
Securities

4.94
4.91
4.88
4.91
4.99
5.04
4.99
5.05
5.08
5.11
5.15
5.17
5.11

5.53
5.44
5.40
5.34
5.35
5.32
5.24
5.24
5.25
5.19
5.25
5.29
5.21

6.60
6.48
6.40
6.29
6.33
6.31
6.15
6.14
6.09
6.00
6.15
6.17
6.08

6.75
6.61
6.52
6.40
6.45
6.42
6.26
6.23
6.18
6.11
6.26
6.33
6.22

6.99
6.86
6.80
6.69
6.73
6.72
6.56
6.52
6.46
6.38
6.52
6.61
6.53

Current data appear In the Federol Reserve Board's H.15 release.
• Averages of rotes available
•• Seven-day averages for week ending two doys eorlier thon dote shown


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bank of St. Louis

7

8
Money Stock(M2) and Non-M1 Components of M2
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollors

3950-

Aug

4

Billions
3937.0
3927.3
3931.6
3937.3
3945.1
3950.1

Billions of Dollars

(left scale)

Non-Mi M2 (right scale)

Non-M1 M2

Aug

Aug

Sep

Oct

Feb

Har

Apr

May

4

Jun

2870.4
2869.0
2872.5
2875.4
2874.1
2888.2

Jul

Aug

M2 is the sum of M1, savings (including money morket deposit accounts), small time deposits and retail money
funds. Current dolo oppeor in the Federol Reserve Boord's H.6 release.

Money Stock (M2)
To the average
of four weeks
ending:

Compounded annual rates of change, average of four weeks ending:
8/12/96 11/11/96

1/13/97

2/10/97

3/10/97

4/14/97

5/12/97

1/13/97

5.5

2/10/97

5.7

6.8

3/10/97

5.5

6.1

5.5

4/14/97

5.6

6.1

5.7

5.1

5/12/97

5.4

5.7

5.2

4.6

5.0

6/9/97

5.0

5.2

4.5

3.9

3.9

2.7

7/14/97

5.0

5.1

4.6

4.1

4.1

3.4

3.3

8/11/97

4.9

5.0

4.5

4.1

4.2

3.7

3.7


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

6/9/97

4.6

Prepared by Federal Reserve Bank of St. Louis

Savings and Small Time Deposits
Averages of Daily Figures
Seasonally Adjusted

Billions of Dollars

! 3illions of Dollars

Small Time
1997

Aug

4

Billions
959.9
960.6
961.3
961.4
961.9
961.3

Small Time (left scale)

Savings

Savings Deposits (right scale)
Aug

3

17

1

15 29 12 26 9 23 7 21
Aug

Sep

4

18 2

16 30 13 27 10 24 10 24

Oct

Feb

Mor

1996
Savings deposits ond small time deposits ore ot oil depository institutions.

7 21
Apr

5

19 2
May

4

Billions
1330.8
1330.5
1334.5
1334.2
1330.8
1337.9

16 30 14 28 1 1 25
Jun

1997

Large Time Deposits and Retail Money Funds
Averages of Daily Figures
Billions of Dollars

Seasonally Adjusted

Billions of Dollars

Large Time
1997
Jul

Retail Money
1997
Jul

547.7
550.0

675-

579.8
577.9
576.8

557.6
Aug

4

Aug

4

581.5
589.0

Retail Money

Large Time

3

17

1

15 29 12 26 9 23 7 21
Aug
Sep
Oct

4

18 2

16 30 13 27 10 24 10 24 7 21

5 19 2
May

16 30 14 28 11 25
Jun

1996
1997
Lorge time deposits ond retail money funds ore ot all despository institutions. Large time deposits ore those
issued in denominations of $100,000 or more. Retail money funds were originally called general purpose
ond broker/dealer money market funds.
Prepared by Federal Reserve Bonk of St. Louis


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Federal Reserve Bank of St. Louis

9

10
Total Borrowings
From Federol Reserve Bonks
Averages of Daily Figures

Billions of Dollars

3

Jul

16

Aug

6

3illions of Dollars

Billions
0.313
0.374
0.594
0.478
0.373

19 3 17 31 14 28 11 23 9 23 6 20 4 18 1 13 29 12 26 12 26 9 23 7 21
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mor
Apr
May

1996
Borrowings include seosonol, adjustment and extended credit.

4

18 2 16 30 13 27
Jun
Jul
Aug

1997

Bank Loans and Credit
Commercial Banks in the United States’^

All

Seasonally Adjusted

Billions of Dollars

Billions of Dollars

Bank Credit
Billions
3944.3

Aug

6

3939.6
3952.0
3955.6
3978.6
3993.8

Bonk Credit (left scale)2/

Loans & Leases
Billions

6

2921.3
2911.4
2920.2
2922.0
2932.1
2941.0

2

16 30 13 27

Loans and Leases (right scale)
Aug
3

19

3

7 31

14 28 11 23

Sep

9

23

6

20

4

18

1

IS 29 12 26 12 26 9

Oct

1996
Current data appear in the Federal Reserve Boord's H.8 releose.
1/ Includes foreign-related institutions
2/ Includes loons and leases ond securities


http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Feb

23

7

21

4

18

Mar
1997

Prepored by Federal Reserve Bonk of St. Louis

Commercial Paper of Nonfinancial Companies
Not Seasonally Adjusted

Billions of Dollars
Jul

9

Aug

6

220-

Billions of Dollars

Billions
195.564
199.168
196.948
195.442
197.052
192.091

Commercial and Industrial Loans
Seasonally Adjusted
Billions of Dollars

Billions of Dollars

445

All Bonks
815-

Billions
822.4
819.2

All Banks (left scale)

425

822.0
820.5
824.5

405
Lorge Bonks (right scale)2/

385
Large Banks

419.4
417.0
418.8

365

418.9

419.2
5

19 3 17 31 14 28 11 25 9 23
Jun
Jul
Aug
Sep
Oct

6

20 4 18
Nov
Dec

1

15 29 12 26 12 26
Jon
Feb
Mar

1996

7 21
May

4

18 2 16 30 13 27
Jun
Jui
Aug

1997

Current data appear m the Federol Reserve Boord's H.8 release.
1/ Includes foreign-related institutions
2/ Weekly reporting, domestically chartered bonks


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Federal Reserve Bank of St. Louis

9 23
Apr

11

Prepared by Federol Reserve Bonk of St. Louis

345

Dollar's Trade - Weighted Exchange Index
Averages of Daily Figures
•'973=100

1973=100 105

Jul 16
Aug

6

100-~

100

95

90

85
5

19

Jun

3

17 31 14 28 11 25

Jul

Aug

Sep
1996

9

23

Oct

6

20

Nov

4

18

Dec

1

15 29 12 26 12 26

Jon

Feb

Mor

9

23

Apr

7

21

May

4

18

Jun

2

16 30 13 27

Jul

Aug

1997

Current doto appear in the Federol Reserve Boord's H.10 release. Data are weighted overages of the foreign-currency
price of the U.S. dollar, computed using 10 industrial country currencies.


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Federal Reserve Bank of St. Louis

Prepored by Federal Reserve Bonk of St. Louis